Imports hit record $610 bn. in 2021-22
The Hindu
Trade deficit widens to $192.4 billion
India’s merchandise imports in FY22 hit a record $610.2 billion, an increase of 54.7% over the previous year and 28.6% higher than pre-Covid levels of FY20 as per preliminary trade data for March released by the Commerce Ministry on Monday.
Imports in March 2022 grew 20.8% from a year earlier to $59.07 billion, and rose 87.7% from March 2020 levels. Exports for the month were worth $40.38 billion, taking the deficit for the month to $18.7 billion.
With exports of almost $418 billion in FY22, the trade deficit for the year was $192.4 billion, 87.5% above FY21 levels and 19.3% over pre-pandemic levels.
“The trade deficit for non-oil and non-gold/jewellery items stood at $55 billion or 1.7% of GDP in FY22, accounting for around one quarter of the total merchandise trade deficit,” said ICRA chief economist Aditi Nayar, who expects the current account deficit to have receded to under $19 billion in the January-March 2022 quarter.